The government highlighted that the latest public finance figures showed that the deficit in the consolidated fund in the first five months of 2015 was the lowest registered in the past 15 years.

Data released by the National Statistics Office show that the deficit declined by €120 million - a 50% drop - when compared to the corresponding period in 2014, and was also half the deficit registered in the first five months of 2013.

The government noted that revenue increased by 16%, or €186 million, stating that this was spurred by €73 million in additional EU funds, which, it said, reflected its efforts to ensure that more EU funds were successfully utilised.

In its statement, the government said that while the opposition frequently accused the government of allowing public spending to increase uncontrollably, NSO statistics showed that recurrent expenditure increased by only 3% in the first five months of this year. It noted that it had increased by 10% in the corresponding period in the last year of the previous government's term.

The government added that its sound management of public finances was also having a positive effect on the national debt, noting that central government debt fell by €139 million in the previous 11 months.

It said that its vision was to bring the debt down through investment and economic growth, rather than austerity.